Exposure draft: ATO's power to disclose tax debts
If your business has unpaid tax debts or is failing to engage with the ATO to manage them, then expect that information to be shared with registered credit reporting bureaus.
The Government announced as part of the 2016-17 MYEFO update that it would allow the Australian Tax Office to report tax debt information from businesses to registered credit reporting agencies if they fail to effectively engage with the ATO to manage outstanding tax debts.
The aim is to provide an additional 'incentive' for businesses to pay their tax debts on time and engage with the ATO to manage any unpaid debts.
The draft legislation is open for comments to the Treasury until 9th February 2018
This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.